buying 1st home (in CA) to live in but also invest for future
So I recently moved to the most overpriced market, the SF Bay Area, for a non-tech salary job and thought it's a good time to dive into the market just because I've been renting for many years and interest rates are relatively low. I'm currently renting a room in a 3b/3b house for $1200/mo.
I realize my money is not going to go very far but my plan was to get a house (probably can only afford condo/townhouse or older SFH home in a not so prime neighborhood) perhaps 2b/2b and then rent out one of the rooms. The income can at least help cover the utilities, property tax, and/or HOA. I have around $150k for a downpayment which is peanuts here I suppose. In the future my plan is to obviously purchase another property and rent out either one of the entire homes for more cashflow - whether also in CA or out of state is tbd since money is not there yet anyway.
I guess my question is does my situation seem like a plan as far as buying in SF now with the limited $'s I have, since I'm living here anyway - or should I keep my rent and try and buy out of state as a 1st purchase? any tips for newbies will be helpful.
Thanks!!